Bloomington, Indiana (January 22, 2013) – A new economic impact report published today by BioCrossroads and the Indiana Business Research Center (IBRC) proves Indiana’s life sciences industry is among the strongest nationally and is growing. Among other findings, the report finds that Indiana’s life sciences industry has a workforce of 55,000 people at nearly 2,000 companies which results in a $50 billion total impact on the state’s economy.
The IBRC at the Indiana University Kelley School of Business and BioCrossroads, Indiana’s initiative for investment, development and advancement of the state’s signature life sciences strengths, collaborated to produce the updated economic impact on Indiana’s diverse life sciences industry.
Indiana ranked among the top five states in the life sciences industry based on highest employee number, highest concentration of employees and highest number of companies. Other key findings:
· Indiana’s life sciences exports totaled $9.3 billion, ranking as the third highest in the United States, behind only California and Texas.
· There were 489 patent filings for life sciences-related innovations in 2011 and 173 new products approved by the U.S. Food and Drug Administration.
“These statistics just continue to get better for us, and demonstrate across the board that the life sciences are a robust industry and a valuable driver of Indiana’s economic growth. It is imperative that we continue the momentum, and BioCrossroads has several initiatives in progress to capitalize on our unique strengths,” said David L. Johnson, president and CEO of BioCrossroads. “These data elevate Indiana to the same company as America’s other world-renowned centers of healthcare innovation: Massachusetts, California, North Carolina and New Jersey.” Other key findings:
· Indiana’s life sciences venture capital investments rose in 2012 to $64.7 million.
· The average annual wage for a life sciences worker is now $88,504, compared to $40,272 for the average private sector wage.
· Indiana life sciences workers earn nearly $5 billion in annual wages.
The Bloomington metropolitan area continues to play an important role in Indiana’s life sciences economy as home to the global headquarters for Cook Medical, to major operations for Boston Scientific and Baxter BioPharma Solutions, and to numerous small pharmaceutical, device and R&D employers.
“This data justifies our community’s support for our regional life sciences employers and the life sciences programs offered at Indiana University and Ivy Tech Community College – Bloomington,” stated Dana Palazzo, project manager with the Bloomington Life Sciences Partnership, an initiative managed by the Bloomington Economic Development Corporation to catalyze the life sciences industry growth in the Bloomington area. “The BioCrossroads report will affirm our 2013 efforts to support existing employers and implement programs to build a stronger talent pipeline for new and existing companies,” explained Palazzo.
BioCrossroads (www.biocrossroads.com) is Indiana’s initiative to grow, advance and invest in the life sciences, a public???private collaboration that supports the region’s existing research and corporate strengths while encouraging new business development. BioCrossroads provides money and support to life sciences businesses, launches new life sciences enterprises (Indiana Health Information Exchange, Fairbanks Institute for Healthy Communities, BioCrossroadsLINX, OrthoWorx and Datalys Center), expands collaboration and partnerships among Indiana’s life science institutions, promotes science education and markets Indiana’s life sciences industry.
The Bloomington Life Sciences Partnership (www.bloomingtonlifesciences.com), a program of the Bloomington Economic Development Corporation (BEDC), serves as the catalyst for life sciences business growth in the greater Bloomington area and is governed by an advisory council comprised of representatives from private industry, higher education and local government. The BEDC is a not-for-profit corporation dedicated to quality job growth and is funded through memberships and grants from private industry, the City of Bloomington, Indiana University and Ivy Tech Community College-Bloomington.
The BEDC is a not-for-profit, public-private partnership dedicated to the retention, development and attraction of quality jobs in Monroe County. The BEDC is led by a partnership of private industry leaders, the City of Bloomington, Monroe County, Indiana University and Ivy Tech Community College–Bloomington. For more information click here www.comparebloomington.us.